Mobile payment technologies market to account for USD 3104.8 bln globally by 2027

Tuesday 26 May 2020 12:44 CET | News

Coherent Market Insights’ analysis has unveiled how mobile payments are increasingly becoming a vital instrument in various markets, especially in emerging economies.

According to the press release, in the emerging economies, mobile payment solutions have been deployed as a means of extending financial services to the community known as underbanked. Therefore, the global mobile payment market was estimated to account for USD 664.19 billion in 2019 and is expected to grow at a CAGR of 20.5% over the forecasted period 2020-27. 

Besides, the increasing number of mobile subscribers worldwide is expected to support growth of the global mobile payment technologies market during the forecasted period. This count is rapidly increasing in economies such as India, China, Indonesia, and Brazil. As claimed by the Coherent Market Insight analysis, Asia-Pacific holds the dominant position in the global mobile payment market, as mobile internet penetration increased from 45% in 2018 to 49% in 2019, owing to economies such as China and India. 

Furthermore, the Remote Payment Type sub-segment (digital wallets, debit card and sim card-based payments) is expected to dominate the global mobile payment market over the 2020-27 period, the most appealing feature of digital wallets being the discount provided on online transactions, as payment solutions like the Paytm app offer discounts on purchasing items from ecommerce platforms such as Amazon and Flipkart.

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Keywords: Coherent Market Insight, mobile payment solutions, emerging economies, mobile payments, forecast, APAC, Brazil, India, China, Indonesia, digital wallets, debit card, sim card based payments, Paytm, Amazon, Flipkart
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce